STRATEGIC MANAGEMENT

Question 1

By studying the_______, firms identify what they might choose to do.

Answer 1

EXTERNAL ENVIRONMENT

Question 2

By studying the __________, firms identify what they can do.

Answer 2

INTERNAL ENVIRONMENT

Question 3

Traditional sources of advantages can be overcome by competitors’ international strategies and by the flow of resources throughout the _______.

Answer 3

GLOBAL ECONOMY

Question 4

The ability to study an internal environment in ways that are not dependent on the assumptions of a single country, culture, or context.

Answer 4

GLOBAL MIND-SET

Question 5

Understanding how to leverage the firm’s bundle of heterogeneous resources and capabilities.

Answer 5

ANALYSIS OUTCOME

Question 6

By exploiting their core competencies or competitive advantages, firms create value.

Answer 6

CREATING VALUE

Question 7

____________, in combination with product-market positions, are the firm’s most important sources of competitive advantage.

Answer 7

CORE COMPETENCIES

Question 8

________ decisions in terms of the firm’s resources, capabilities, and core competencies:

Answer 8

STRATEGIC

Question 9

are the source of a firm’s capabilities.

Answer 9

RESOURCES

Question 10

A firm’s assets, including people and the value of its brand name, that represent inputs into a firm’s production process

Answer 10

RESOURCES

Question 11

represent the capacity to deploy resources that have been purposely integrated to achieve a desired end state.
emerge over time through complex interactions among tangible and intangible resources.

Answer 11

CAPABILITIES

Question 12

often are based on developing, carrying and exchanging information and knowledge through the firm’s human capital.
composed of the unique skills and knowledge of a firm’s employees.
include functional expertise of employees.
often developed in specific functional areas or as part of a functional area.

Answer 12

CAPABILITIES

Question 13

Resources and capabilities that are the sources of a firm’s competitive advantage

Answer 13

CORE COMPETENCIES

Question 14

A unique and a valuable organizational culture or brand name

Answer 14

HISTORICAL

Question 15

The causes and uses of a competence are unclear

Answer 15

AMBIGUOUS CAUSE

Question 16

Interpersonal relationships, trust, and friendship among managers, suppliers, and customers

Answer 16

SOCIAL COMPLEXITY

Question 17

allows a firm to understand the parts of its operations that create value and those that do not.

Answer 17

VALUE CHAIN ANALYSIS

Question 18

Primary Activities:
are involved with:
a product’s physical creation.
a product’s sale and distribution to buyers.
the product’s service after the sale.
Support Activities:
provide the assistance necessary for the primary activities to take place.

Answer 18

VALUE CHAIN ANALYSIS

Question 19

Activities used to receive, store, and disseminate inputs to a product.

Answer 19

INBOUND LOGISTICS

Question 20

Activities necessary to convert the inputs provided by inbound logistics into final product form.

Answer 20

OPERATIONS

Question 21

Activities involved with collecting, storing, and physically distributing the product to customers.

Answer 21

OUTBOUND LOGISTICS

Question 22

Activities completed to provide the means through which customers can purchase products and to induce them to do so.

Answer 22

MARKETING AND SALES

Question 23

Activities designed to enhance or maintain a product’s value.

Answer 23

SERVICE

Question 24

Activities completed to purchase the inputs needed to produce a firm’s products.

Answer 24

PROCUREMENT

Question 25

Activities completed to improve a firm’s product and the processes used to manufacture it.

Answer 25

TECHNOLOGICAL DEVELOPMENT

Question 26

Activities involved with recruiting, hiring, training, developing, and compensating all personnel.

Answer 26

HUMAN RESOURCE MANAGEMENT

Question 27

Activities that support the work of the entire value chain (general management, planning, finance, accounting, legal, government relations, etc.).

Answer 27

FIRM INFRASTRUCTURE

Question 28

_________is the purchase of a value-creating activity from an external supplier.

Answer 28

OUTSOURCING

Question 29

Slide 44

Answer 29

Slide 44